Brick 6-Unit Apartment
For Sale
$1,240,000
460 W 28th Place, Chicago, IL 60616
Well-maintained building with modern updates and strong tenancy.
Property Size3,960 SF
Price / SF$313.13
Days on Market139
Property Features for 460 W 28th Place
General Information
Standard status
Active
Size
3,960 SF
Property subtype
MULTI_FAMILY
Taxes and HOA fees
Annual Taxes
$12,657
Building Details
Building Size
3,960 SF
Year Built
1899
Listing Agency:
Sperry Van Ness
(312) 676-1878
Listed By:
Angelo Labriola · License #475130924
Source:
Dawnmckennagroup
Added: Apr 7
Changed: Aug 23
Last Checked: Aug 23 at 3:23AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Sperry Van Ness
Investment Insights
Based on property information with market context.
This well-maintained brick building features six units with a desirable mix of apartments. There are two 2-bedroom/2-bath apartments, two 2-bedroom/1-bath units, and two 1-bedroom/1-bath units. The property has apartment-quality updates throughout, including modern kitchens and baths, stainless steel appliances, and contemporary range hoods. Interiors are thoughtfully improved while maintaining operational efficiency, creating strong in-place tenancy and long-term rental stability. The building offers easy access to expressways and is a short walk to CTA Orange & Red Lines. Additional features include garage parking, on-site laundry, and HVAC in all units.
Key Highlights
- Desirable unit mix featuring two 2‑bedroom/2‑bath, two 2‑bedroom/1‑bath, and two 1‑bedroom/1‑bath apartments.
- Modern updates throughout, including kitchens, baths, stainless steel appliances, and contemporary range hoods.
- Strong in‑place tenancy and long‑term rental stability.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$60,703
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,214,060
$1.2M
Cap Rate 7%
$867,186
$867.2K
Cap Rate 9%
$674,478
$674.5K
Market Conditions
NOI Build-Up for 3,960 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$116.4K $29.40/SF
− Vacancy
−$6.1K −$1.53/SF
EGI
$110.4K $27.87/SF
− OpEx
−$49.7K −$12.54/SF
NOI
$60.7K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,214,060
Cap Rate 7%
$867,186
Cap Rate 9%
$674,478
Alternative Uses
Best Use
Apartment 5plus
$867.2K
$758.8K – $1.01M
NOI $60,703 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,699 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,479
Businesses Nearby
Explore this area
Business Placement
Demographics for 60616, IL
54,013
Population
26,912
Households
2
Avg Household Size
38
Median Age
53%
College-Educated
86%
High-School Grad
3.8 sq mi
ZIP Area
14,214
Density / Sq Mi
$77,841
Median Household Income
$53,415
Median Earnings
$1,329
Median Rent
$387,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained building with modern updates and strong tenancy.
Where is this apartment building located?
The property is located at 460 W 28th Place Chicago, IL.
What is the asking price?
The asking price for this property is $1,240,000.
What are key features of this property?
This property features: Desirable unit mix featuring two 2‑bedroom/2‑bath, two 2‑bedroom/1‑bath, and two 1‑bedroom/1‑bath apartments.; Modern updates throughout, including kitchens, baths, stainless steel appliances, and contemporary range hoods.; Strong in‑place tenancy and long‑term rental stability.
